But in this regard, three days before Syriza took office the game was decisively changed. On January 22, 2015, Mario Draghi announced that the ECB was finally adopting full-scale QE. Two and a half years after Draghi’s “whatever it takes,” it was not a move that the ECB undertook with any enthusiasm. Between 2012 and 2014 Draghi had allowed the balance sheet of the ECB to contract. What forced his hand in 2015 was the acute threat of deflation.
